TGI Fridays going to pair of New York private equity buyers as Carlson sheds chain

Hospitality and travel giant Carlson has a deal to sell the TGI Fridays restaurant chain it has owned for nearly 40 years. A pair of TGI Fridays operate in Central Ohio.

Buying the suburban Minneapolis-based Carlson’s dining group are New York-based Sentinel Capital Partners and TriArtisan Capital Partners, both private equity firms, Carlson said Tuesday. Terms were not disclosed. The companies said the deal will close by July.

The Carrollton, Texas-based restaurant chain operates more than 900 restaurants. There is a TGI Fridays in Reynoldsburg and another in the Polaris area. The chain generated $2.7 billion in annual sales.

Carlson CEO Trudy Rautio said the deal frees up resources for Carlson to build its hotel and travel businesses. Its hotel flags include Radisson, Quorvus Collection, Park Inn and Country Inns & Suites By Carlson.

TGI Fridays CEO Nick Shepherd will continue to head the chain, according to the company.

The first TGI Fridays opened in 1965 in New York. Carlson acquired the chain in 1975 when it totaled 12 restaurants. The company lays claim to popularizing the practice of happy hours to draw patrons to its bars.

Sentinel will become the majority shareholder of TGI Fridays. It is a franchisor of several restaurant chains, including Pizza Hut and Checkers.